Canadian National Railway Company (CNI) Cash Flow: Operating & Free Cash Flow

Canadian National Railway Company (CNI) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Canadian National Railway Company generated CAD 7.05B of operating cash flow and spent CAD 3.66B on capital expenditures. That left free cash flow of CAD 3.39B, up 7.7% from CAD 3.15B a year earlier, or 19.6% of revenue. It returned CAD 4.34B to shareholders through CAD 2.21B in dividends and CAD 2.13B in share buybacks.

Canadian National Railway Company Cash Flow Statement Analysis

Values in billions CAD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Canadian National Railway Company (CNI) - Annual data in billions CAD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	4.72	4.45	5.63	5.12	4.90	3.56	4.22	4.33	5.48
Depreciation & Amortization	1.94	1.89	1.82	1.73	1.60	1.59	1.56	1.33	1.28
Deferred Income Tax	0.33	0.33	-0.29	0.40	0.51	0.49	0.57	0.53	-1.20
Stock Based Compensation	0.00	0.00	0.00	0.06	0.00	0.06	0.06	0.00	0.11
Change in Working Capital	0.17	0.09	-0.05	-0.41	0.15	0.13	-0.56	0.18	0.14
Change in Accounts Receivable	0.09	0.21	0.07	-0.29	-0.02	0.16	-0.01	-0.09	-0.13
Change in Inventory	-0.02	-0.01	-0.02	-0.08	-0.01	0.02	-0.06	-0.12	-0.07
Change in Accounts Payable	0.22	-0.11	-0.19	-0.01	0.14	-0.05	-0.50	0.38	0.42
Change in Other Working Capital	0.18	0.25	0.41	-0.03	0.04	0.00	0.01	0.01	-0.08
Other Operating Activities	-0.08	0.25	0.41	-0.24	-0.19	0.33	0.08	-0.45	-0.31
Net Cash from Operating Activities	7.05	6.70	6.97	6.67	6.97	6.17	5.92	5.92	5.52
Investing Activities
Capital Expenditures	-3.66	-3.55	-3.19	-2.75	-2.89	-2.86	-3.87	-3.53	-2.67
Acquisitions	0.00	0.00	-0.39	0.27	-0.02	-0.01	-0.26	0.19	0.00
Other Investing Activities	-0.06	-0.06	-0.02	-0.03	0.04	-0.08	-0.07	-0.07	-0.07
Net Cash from Investing Activities	-3.71	-3.61	-3.47	-2.51	-2.87	-2.95	-4.19	-3.40	-2.74
Financing Activities
Debt Repayment	-0.45	-22.67	-14.98	1.52	-0.39	-0.71	1.39	0.97	0.45
Common Stock Issued	0.06	0.04	0.05	0.00	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-2.13	-2.65	-4.58	-4.84	-1.64	-0.40	-1.74	-2.05	-2.10
Dividends Paid	-2.21	-2.14	-2.07	-2.00	-1.74	-1.63	-1.54	-1.33	-1.24
Other Financing Activities	0.00	0.07	-0.01	0.66	-0.09	0.03	-0.01	0.11	-0.01
Net Cash from Financing Activities	-3.37	-3.62	-3.41	-4.67	-3.86	-2.71	-1.90	-2.31	-2.90
Summary
Effect of Forex Changes on Cash	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	-0.04	-0.52	0.09	-0.51	0.24	0.51	-0.17	0.21	-0.12
Cash at Beginning of Period	0.40	0.92	0.83	1.34	1.10	0.59	0.76	0.55	0.67
Cash at End of Period	0.36	0.40	0.92	0.83	1.34	1.10	0.59	0.76	0.55
Free Cash Flow	3.39	3.15	3.78	3.92	4.08	3.30	2.06	2.39	2.84
Supplemental Disclosures
Interest Paid	0.98	0.93	0.78	0.54	0.51	-	-	-	-
Income Taxes Paid	0.94	1.22	1.20	1.29	0.76	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Canadian National Railway Company Cash Flow

What is Canadian National Railway Company's free cash flow?

Canadian National Railway Company generated free cash flow of CAD 3.39B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of CAD 7.05B minus CAD 3.66B of capital expenditures. That was up 7.7% from CAD 3.15B a year earlier. Free cash flow equaled 19.6% of revenue.

How much does Canadian National Railway Company spend on capital expenditures?

Canadian National Railway Company spent CAD 3.66B on capital expenditures in fiscal 2025, compared with CAD 3.55B a year earlier. That equals 51.9% of operating cash flow.

Does Canadian National Railway Company pay dividends or buy back shares?

Yes. In fiscal 2025 Canadian National Railway Company returned CAD 2.21B in dividends and CAD 2.13B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition